Methanol produced in Azerbaijan to be fully exported

Business Materials 16 January 2012 18:14 (UTC +04:00)

Azerbaijan, Baku, Jan.16 / Trend N.Ismayilova /

AzMeCo plans to export all the methanol produced at its plant, AzMeCo told Trend on Monday.

AzMeCo is holding talks with the largest companies selling methanol such as Vitol, Transammonia, Mitsui, BP, Tricon, Statoil, and SABIC. The plant's production is supposed to be sold by off takers, the company said.

Earlier, the company planned to export only roughly 90 per cent of methanol produced in Azerbaijan.

Consumption region will be defined depending on market conditions. The nearest markets are Turkey and the EU countries," AzMeCo said.

This methanol plant will become the only one in South Caucasus and Central Asia. It will be commissioned in 2012. The total cost of the project of methanol plant's construction amounted to $360 million and financing has already been completed. Completion of construction work is scheduled on May, 2012.

The design capacity is 560,000 tons per year. The company also carries out design of the facility that will capture emissions of carbon dioxide.This gas can also serve as a raw material for methanol production.